Goldman Sachs to invest almost $10 million in NYC jail program
Photo credit: Getty Images | Goldman Sachs CEO Lloyd Blankfien speaks during an interview by the Economic Club of Washington at the Ronald Reagan Building and International Trade Center in Washington, D.C. (July 18, 2012)
Goldman Sachs will invest almost $10 million in a city jail program that will produce profits for the investment firm if recidivism rates drop, marking the first U.S. effort of its kind to enlist private investors in financing public social programs, officials said Thursday.
Known as social impact bonds or pay-for-success contracts, such initiatives began in Britain and are in the works in...
